The EUR/USD is consolidating its decline near 1.0550, after retreating from a one-week high at the start of the Asian session on Monday. This currency pair has weakened due to increased demand for the US dollar as a safe haven following the recent military clashes between Palestine and Israel over the weekend.
A gap seems to have formed on the 4-hour timeframe, with price gaps identified fluctuating around 1.0577 - 1.0759. It is likely that today, EUR/USD will retest support at 1.0500 before rebounding with the aim of filling in the previous price gap, with an expected level of resistance around 1.0650.
Note: The rephrased text contains a total of XXX words (including header).
A gap seems to have formed on the 4-hour timeframe, with price gaps identified fluctuating around 1.0577 - 1.0759. It is likely that today, EUR/USD will retest support at 1.0500 before rebounding with the aim of filling in the previous price gap, with an expected level of resistance around 1.0650.
Note: The rephrased text contains a total of XXX words (including header).
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.